This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Virgin Media Announces Required Consents Received In Its 2019 Notes Consent Solicitation

Virgin Media Inc. (“Virgin Media”) (NASDAQ:VMED) (LSE:VMED) today announced that the consent solicitation, undertaken at the request of Liberty Global, Inc. (“LGI”) in order to facilitate the funding by LGI in connection with the proposed merger of LGI and Virgin Media, by its subsidiary Virgin Media Finance PLC (“VMF”) with respect to holders of VMF’s dollar denominated 8.375% senior notes due 2019 and sterling denominated 8.875% senior notes due 2019 (collectively, the “2019 Notes”) has been successful and has obtained the required consents necessary to approve the proposed amendments (the “Amendments”) and waivers (the “Waivers”) to certain provisions of the indenture governing the 2019 Notes set forth in the consent solicitation statement dated February 6, 2013 (the “Consent Solicitation Statement”).

The adoption of the Amendments and the Waivers required the consents of the holders of at least a majority in principal amount of the then outstanding 2019 Notes voting as a single class. A majority of noteholders (voting as a single class) have submitted their consents and not validly withdrawn them prior to the Revocation Deadline (as such term is defined in the Consent Solicitation Statement). The solicitations of consents for the Waivers and Amendments with respect to the 2019 Notes was independent of the concurrent consent solicitations undertaken by Virgin Media Secured Finance PLC (“VMSF”), with respect to VMSF’s senior secured notes due 2018 and 2021.

A supplemental indenture has been entered into with respect to the 2019 Notes containing the Waivers and Amendments and binds all holders of the 2019 Notes, including those that did not give their consent, though non-consenting holders will not receive the consent payment.

The Waivers waive noteholders’ right to require VMF, as issuer of the 2019 Notes to offer to repurchase such holder’s notes as a result of the change of control resulting from the proposed merger with LGI and all other defaults that might result from the merger. The Waivers are effective and operative as of the date hereof.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs